Kuwait And Bitcoin - High Fluctuations In Price Causing Issues For Investors

Category: Activities

According to an article economic Sunday Express British its published her at the end of last year 2017, Kuwait has banned trading The Bitcoin And the Kuwaiti Ministry of Finance to ban this digital currency and blocked all financial institutions from dealing By, the ministry said Ba n Central Bank of Kuwait does not allow any bank or any financial institution trading the Bitcoin after the enormous rise In a rabies ha, also it said that the ministry and the Central Bank of Kuwait will not regulate the currency Bitcoin and the proceeds of trafficking, describing the proceeds not to pro is not illegal and the clean, according to article Also branded Informed sources from the Ministry of Finance of Kuwait that the circulation of Bitquin is trading outside the control of official financial institutions in Kuwait and are controlled by these digital currency encrypted through the Internet only, and on the other hand and since there is no A central authority that controls the digital currencies t the encrypted request of the Central Bank of the Ministry of Commerce and Industry of Kuwait warn consumers of the risks of trading Bitcoin.

The Kuwaiti Public Prosecution Office also noted that Kuwaiti law does not allow the online trading Falls under the laws of e-commerce , and sources from the Ministry of Finance: "The proceeds of Bitquin transferred from outside Kuwait is illegal and unclean funds And Kuwaiti law does not recognize this already digital currencies. "

In another article , the news of the Kuwaiti newspaper was published in February in February 2018 under the title "Kuwaitis have lost half of their wealth in Alpetkoan , lost more than 12, 000 Kuwaiti trader Ba default currency Alpetkoan Enormous amounts after that eroded their capital and profits that accrued from trading with this currency over the a month of the past where the decline in the performance of this digital currency violently by 9%, and continued losses to record a lower level at $ 8,800 to lose Kuwaitis towards a much Of half of their wealth in Pitcairn, which is close to one billion dollars According to major specialized in trading Alpetkoan services block Qin US trading companies data, to reach the market value of investments of Kuwaiti losses Alpetkoan to $ 500 million in only 4 months, come violent losses to the default currency of the Bitcoin confirmation of published news newspaper in its edition of the 26 November 2017 warnings about investment in Alpetkoan after the great inflation witnessed in this virtual currency without justification, and based on the views of experts in digital currencies who have a toiled in then trading as a bubble , and as soon as they arrive on to a Level will explode , as happened previously with all the assets of the shares, real estate and others.

Kuwait is currently working on the Quitcoin project KuwaitKoin Using Block Tech Technology J n to encrypt the same technology used in securing the pain of financial workers in digital currencies encrypted such as Alpetkoan and others, are working in the framework of the project itself on the development of e - mail service and make it decentralized service using block Qin technology as well, according to the site e - project on the world Wide web will be completed to provide the first mail service as the LG saw chromatic working technology Block Qin in the world in the third quarter of 2018 According to the operators of the project we will get the electron mail service the y high data reliability , which will revolutionize e - mail in the work of the world system, And current initiatives propose to replace Protocol SMTP A new protocol based on the Block Qin technology, but these processes o require significant changes in the infrastructure for institutions and the introduction of new protocols and may even require the user to change the system currently addressing.

According to the site CNN Advertise Kuwait Finance House, one of Kuwait 's leading banks of his intention to join the company RippleNet , A global alternative network system SWIFT Financial remittances which account for more than one hundred financial institutions including banks , a And submitted the batches and operators of financial remittances and other financial institutions that use networks of Block Qin Customs Clearance immediate technology and the rapid settlement of international financial transactions, and in the the framework itself confirmed the Kuwait Finance House, the first Islamic bank in Kuwait on his intention to use The unique tool Ripple Payments across the border to its customers in the retail sector, saying: "And this can Kuwait Finance House provides immediate and secure financial transfers across the border within a few seconds with a comprehensive vision can with conversion tracking operations closely and meticulously , " he said a bank FT confirmed it will require the approval of the Central Bank of Kuwait before the launch of this service, and Kuwait Finance House confirms that customers will benefit from this fast - service payments so as to increase the efficiency, security and transparency in the laboratories of financial data, and all of these benefits with the cost of significantly lower Of the cost of traditional conversions.